BlackRock TCP Capital Corp. (TCPC) stock analysis

TCPCNasdaqFiscal year ends December 31

Financials through Q3 FY2026, quarter ended Sep 30, 2026Last filing: 10-Q on Nov 5, 2026Score 6/3077% below fair value

$4.11−0.04 (-0.96%)

Close on Nov 12, 2026Market cap $344.84MP/E –Yield 27.25%

StockData Score

Prices as of Nov 11, 2026How the score works

Weak6 of 30 checks passed

BlackRock TCP Capital passes 6 of the 30 checks behind our score; 20 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.

Valuation: 3/6
Growth: 0/6
Past performance: 0/6
Financial health: 0/6
Dividend: 3/6

What stands out

Margin of safety over 20%
The price is 77.3% below fair value, more than the 20% cushion we look for.
Trading below fair value
The share price of $4.15 is below our fair value estimate of $18.30.
P/B below the industry
BlackRock TCP Capital's price-to-book of 0.74 is below the US market median of 1.92.
Pays a dividend
BlackRock TCP Capital paid dividends worth 18.3% of the share price over the last twelve months.

What to watch

Return on equity under 15%
Return on equity was -33.0% over the last twelve months and averaged -0.1% over five years; we look for 15% on both.
Elevated bankruptcy risk
The Altman Z-score is -1.55; above 3 is the safe zone and below 1.8 the distress zone.
Dividend was cut
The dividend per share fell by more than 10% at least once in the last 8 fiscal years.
Return on equity below the industry
BlackRock TCP Capital's return on equity of -33.0% is below the US market median of 3.5%.

Valuation3/6

P/E against its history
Not enough price and earnings history to compare.
P/E against the industry
Needs positive earnings and enough profitable companies in the industry.
EV/EBITDA against its history
Needs positive EBITDA and price history.
P/B below the industry
BlackRock TCP Capital's price-to-book of 0.74 is below the US market median of 1.92.
Trading below fair value
The share price of $4.15 is below our fair value estimate of $18.30.
Margin of safety over 20%
The price is 77.3% below fair value, more than the 20% cushion we look for.

Growth0/6

Revenue growth over 3 years
Needs three years of positive revenue.
EPS growth over 3 years
Needs positive EPS three years ago and today.
Earnings acceleration
Needs positive net income now, a year ago and five years ago.
Growth against the industry
Needs revenue for this year and last.
Company guidance
No outlook found in earnings releases from the last twelve months.
Gross margin trend
This company does not report gross profit.

Past performance0/6

Return on equity under 15%
Return on equity was -33.0% over the last twelve months and averaged -0.1% over five years; we look for 15% on both.
Return on invested capital
Needs operating income and invested capital.
Return on equity below the industry
BlackRock TCP Capital's return on equity of -33.0% is below the US market median of 3.5%.
Earnings over 5 years
Needs positive net income five years ago and in the latest year.
Net margin against its history
Needs five years of revenue and net income.
Net margin against the industry
Needs revenue and net income.

Financial health0/6

Debt level
Needs debt and equity figures.
Debt trend
Needs a balance sheet from five years ago with positive equity.
Debt coverage
Needs operating cash flow.
Interest coverage
Interest expense is not reported separately.
Short-term liquidity
The balance sheet is not split into current and non-current items.
Elevated bankruptcy risk
The Altman Z-score is -1.55; above 3 is the safe zone and below 1.8 the distress zone.

Dividend3/6

Pays a dividend
BlackRock TCP Capital paid dividends worth 18.3% of the share price over the last twelve months.
Yield above Treasuries
The 18.3% yield is above the 4.4% on a 1-year Treasury.
Yield in the top quarter
The top quarter of US dividend payers yield 3.8% or more; BlackRock TCP Capital yields 18.3%.
Dividend was cut
The dividend per share fell by more than 10% at least once in the last 8 fiscal years.
Earnings cover
Needs dividends paid and net income.
Cash-flow cover
Needs dividends paid and free cash flow.

Fair value

How we estimate it

Our estimate per share

$18.30

The share price is 77% below this estimate.

20%+ below

Near fair value

20%+ above

$4.15Price$18.30Fair value

Method	Multiple used	Own 5Y median	Industry median	Value per share	Weight
P/B	1.4×	0.9×	1.9×	$7.91	40%
Earnings power	8.5% cost of equity	–	–	$25.22	60%
Fair value				$18.30	100%

Valuation over time

Using the earnings and balance sheet published at each date, not today's.

P/E at month end
Own 5-year median 14.5
US market median 19.5

An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.

Market risk

From the past year of daily prices.

Liquidity

Medium risk

Average value traded per day: $3.22M
Value traded per 1% price move: $2.23M

Downside

Medium risk

Typical loss in a bad month: 24.0%
Volatility (annualized): 40%
Sharpe ratio, 1 year: -0.79
Beta to the S&P 500 (5Y): 0.73

Typical bad-month loss, week by week

Margins need revenue and profit figures

This company does not report the lines needed to calculate margins.

Per year	1 year	3 years	5 years	10 years	Five-year pace
Dividend per share	-23.3%	-4.1%	-3.2%	–

Measure	FY2018	FY2020	FY2025
Return on equity	–	9.3%	-12.9%
Return on assets	–	–	-5.0%
Diluted shares	59M	58M	85M

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